Singapore-based IMC Ventures is partnering with PIER71 to nurture the maritime and supply chain ecosystem in the city-state while UK-based Waystone is merging Singapore-based Argus Global with three other service providers.
IMC Ventures and PIER71 tie-up to boost Singapore’s maritime ecosystem
Singapore-based venture capital firm IMC Ventures, which focuses on investments in the maritime and supply chain industries, announced that it is partnering with PIER71 to invest and nurture the maritime and supply chain ecosystem in the city-state.
PIER71, in short for Port Innovation Ecosystem Reimagined at BLOCK71, is a joint initiative by the Maritime and Port Authority of Singapore and NUS Enterprise, the entrepreneurial arm of the National University of Singapore.
“We are looking to catalyse the startup scene in Singapore by not just providing capital to enable these new innovative ventures to scale, but also to value add through synergies with our operating businesses in the maritime and logistic space,” said James Ong, Investment Committee Member of IMC Ventures.
IMC Ventures was established by IMC Industrial Group that provides logistics, shipping, shipyard management and engineering services.
Startups under PIER71 will leverage IMC Ventures’ in-depth market experience, specialised technical knowledge and vast industry networks, test-bed and deploy ideas and innovations.
“As we grow Singapore to become a leading hub for marine tech (maritime technology) startups, investments from the private sector will be key. In particular, venture capitalists with deep maritime expertise will be highly beneficial to the entire innovation ecosystem,” said Thomas Ting, chief technology officer, Maritime and Port Authority of Singapore.
UK-based Waystone creates a new global compliance offering
Global fund governance and compliance solutions company Waystone has created a new global compliance offering with the merger of four compliance service providers.
These four companies involved in the merger – Titan Regulation, Argus Global, CCL Compliance and ISAS – are based in North America, Singapore, the Middle East, UK and Ireland, respectively.
The new compliance offering will allow Waystone to offer additional services via its new global operation, Waystone Compliance Solutions. With the addition of CCL Compliance, Waystone Compliance Solutions will also be entering new markets.
Waystone has traditionally offered compliance services to fund managers at the fund level, but this is the first time they will be doing so at a corporate level.